Lundin Petroleum sells stake in OER Oil to Endeavour International

Oct 13, 2004 02:00 AM

The Swedish oil company Lundin Petroleum said on 13 October that it had agreed to sell its 75.88 % holding in the Norwegian oil company OER Oil to Endeavour International for NOK 172.5 mm in cash.
OER oil holds small interests in the Njord and Brage fields offshore Norway, having a production of 2,000 bpd of oil equivalent. Lundin Petroleum acquired its holding in OER oil for NOK 30 mm in January 2003.

"The sale of OER achieves our objective of having one operating entity in Norway while maximising the value of the producing assets," commented Ashley Heppenstall, president and CEO of Lundin Petroleum
"In addition, the sale price achieved for OER has provided an excellent cash return for Lundin Petroleum of over 550 %. We remain committed to growing our business in Norway through Lundin Norway which in addition to its existing assets, was an applicant in the recent exploration licensing round," Heppenstall said.

One Norwegian kroner (NOK) is worth approximately 0.08 British pounds (GBP).

Source: Nordic Business Report
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